TeraExchange Reinstated as Swap Execution Facility by CFTC ...

Bitcoin Swaps Near Reality as Tera Group Forms Legal Framework

Bitcoin Swaps Near Reality as Tera Group Forms Legal Framework submitted by CoinReport to Bitcoin [link] [comments]

Tera Group Hopes to Offer First Bitcoin Swap

Tera Group Hopes to Offer First Bitcoin Swap submitted by BTCNews to BTCNews [link] [comments]

Tera Group Forms Legal Framework For Bitcoin Swaps

Tera Group Forms Legal Framework For Bitcoin Swaps submitted by BTCNews to BTCNews [link] [comments]

Tera Group Creates Bitcoin Swap Agreement

Tera Group Creates Bitcoin Swap Agreement submitted by nickzeeb to Bitcoin [link] [comments]

More Good News for BitcoiN: Tera Group Finalizes the First Ever Bitcoin Swap Agreement

More Good News for BitcoiN: Tera Group Finalizes the First Ever Bitcoin Swap Agreement submitted by cryptonicks to Bitcoin [link] [comments]

The Decade in Blockchain — 2010 to 2020 in Review

2010

February — The first ever cryptocurrency exchange, Bitcoin Market, is established. The first trade takes place a month later.
April — The first public bitcoin trade takes place: 1000BTC traded for $30 at an exchange rate of 0.03USD/1BTC
May — The first real-world bitcoin transaction is undertaken by Laszlo Hanyecz, who paid 10000BTC for two Papa John’s pizzas (Approximately $25 USD)
June — Bitcoin developer Gavin Andreson creates a faucet offering 5 free BTC to the public
July — First notable usage of the word “blockchain” appears on BitcoinTalk forum. Prior to this, it was referred to as ‘Proof-of-Work chain’
July — Bitcoin exchange named Magic The Gathering Online eXchange—also known as Mt. Gox—established
August —Bitcoin protocol bug leads to emergency hard fork
December — Satoshi Nakamoto ceases communication with the world

2011

January — One-quarter of the eventual total of 21M bitcoins have been generated
February — Bitcoin reaches parity for the first time with USD
April — Bitcoin reaches parity with EUR and GBP
June — WikiLeaks begins accepting Bitcoin donations
June — Mt. Gox hacked, resulting in suspension of trading and a precipitous price drop for Bitcoin
August — First Bitcoin Improvement Proposal: BIP Purpose and Guidelines
October — Litecoin released
December — Bitcoin featured as a major plot element in an episode of ‘The Good Wife’ as 9.45 million viewers watch.

2012

May — Bitcoin Magazine, founded by Mihai Alisie and Vitalik Buterin, publishes first issue
July — Government of Estonia begins incorporating blockchain into digital ID efforts
September — Bitcoin Foundation created
October — BitPay reports having over 1,000 merchants accepting bitcoin under its payment processing service
November — First Bitcoin halving to 25 BTC per block

2013

February — Reddit begins accepting bitcoins for Gold memberships
March — Cyprus government bailout levies bank accounts with over $100k. Flight to Bitcoin results in major price spike.
May —Total Bitcoin value surpasses 1 billion USD with 11M Bitcoin in circulation
May — The first cryptocurrency market rally and crash takes place. Prices rise from $13 to $220, and then drop to $70
June — First major cryptocurrency theft. 25,000 BTC is stolen from Bitcoin forum founder
July — Mastercoin becomes the first project to conduct an ICO
August — U.S. Federal Court issues opinion that Bitcoin is a currency or form of money
October — The FBI shuts down dark web marketplace Silk Road, confiscating approximately 26,000 bitcoins
November — Vitalik Buterin releases the Ethereum White Paper: “A Next-Generation Smart Contract and Decentralized Application Platform
December — The first commit to the Ethereum codebase takes place

2014

January — Vitalik Buterin announces Ethereum at the North American Bitcoin Conference in Miami
February — HMRC in the UK classifies Bitcoin as private money
March — Newsweek claims Dorian Nakamoto is Bitcoin creator. He is not
April — Gavin Wood releases the Ethereum Yellow Paper: “Ethereum: A Secure Decentralised Generalised Transaction Ledger
June — Ethereum Foundation established in Zug, Switzerland
June — US Marshals Service auctions off 30,000 Bitcoin confiscated from Silk Road. All are purchased by venture capitalist Tim Draper
July — Ethereum token launch raises 31,591 BTC ($18,439,086) over 42 days
September — TeraExchange launches first U.S. Commodity Futures Trading Commission approved Bitcoin over-the-counter swap
October — ConsenSys is founded by Joe Lubin
December — By year’s end, Paypal, Zynga, u/, Expedia, Newegg, Dell, Dish Network, and Microsoft are all accepting Bitcoin for payments

2015

January — Coinbase opens up the first U.S-based cryptocurrency exchange
February — Stripe initiates bitcoin payment integration for merchants
April — NASDAQ initiates blockchain trial
June — NYDFS releases final version of its BitLicense virtual currency regulations
July — Ethereum’s first live mainnet release—Frontier—launched.
August — Augur, the first token launch on the Ethereum network takes place
September — R3 consortium formed with nine financial institutions, increases to over 40 members within six months
October — Gemini exchange launches, founded by Tyler and Cameron Winklevoss
November — Announcement of first zero knowledge proof, ZK-Snarks
December — Linux Foundation establishes Hyperledger project

2016

January — Zcash announced
February — HyperLedger project announced by Linux Foundation with thirty founding members
March — Second Ethereum mainnet release, Homestead, is rolled out.
April — The DAO (decentralized autonomous organization) launches a 28-day crowdsale. After one month, it raises an Ether value of more than US$150M
May — Chinese Financial Blockchain Shenzhen Consortium launches with 31 members
June — The DAO is attacked with 3.6M of the 11.5M Ether in The DAO redirected to the attacker’s Ethereum account
July — The DAO attack results in a hard fork of the Ethereum Blockchain to recover funds. A minority group rejecting the hard fork continues to use the original blockchain renamed Ethereum Classic
July — Second Bitcoin halving to 12.5BTC per block mined
November — CME Launches Bitcoin Price Index

2017

January — Bitcoin price breaks US$1,000 for the first time in three years
February — Enterprise Ethereum Alliance formed with 30 founding members, over 150 members six months later
March — Multiple applications for Bitcoin ETFs rejected by the SEC
April — Bitcoin is officially recognized as currency by Japan
June — EOS begins its year-long ICO, eventually raising $4 billion
July — Parity hack exposes weaknesses in multisig wallets
August — Bitcoin Cash forks from the Bitcoin Network
October — Ethereum releases Byzantium soft fork network upgrade, part one of Metropolis
September — China bans ICOs
October — Bitcoin price surpasses $5,000 USD for the first time
November — Bitcoin price surpasses $10,000 USD for the first time
December — Ethereum Dapp Cryptokitties goes viral, pushing the Ethereum network to its limits

2018


January — Ethereum price peaks near $1400 USD
March — Google bans all ads pertaining to cryptocurrency
March — Twitter bans all ads pertaining to cryptocurrency
April — 2018 outpaces 2017 with $6.3 billion raised in token launches in the first four months of the year
April — EU government commits $300 million to developing blockchain projects
June — The U.S. Securities and Exchange Commission states that Ether is not a security.
July — Over 100,000 ERC20 tokens created
August — New York Stock Exchange owner announces Bakkt, a federally regulated digital asset exchange
October — Bitcoin’s 10th birthday
November — VC investment in blockchain tech surpasses $1 billion
December — 90% of banks in the US and Europe report exploration of blockchain tech

2019

January — Coinstar machines begin selling cryptocurrency at grocery stores across the US
February — Ethereum’s Constantinople hard fork is released, part two of Metropolis
April — Bitcoin surpasses 400 million total transactions
June — Facebook announces Libra
July — United States senate holds hearings titled ‘Examining Regulatory Frameworks for Digital Currencies and Blockchain”
August — Ethereum developer dominance reaches 4x that of any other blockchain
October — Over 80 million distinct Ethereum addresses have been created
September — Santander bank settles both sides of a $20 million bond on Ethereum
November — Over 3000 Dapps created. Of them, 2700 are built on Ethereum
submitted by blockstasy to CryptoTechnology [link] [comments]

Left their jobs to work in Bitcoin

I was talking to a friend about Execs who had left their jobs to pursue Bitcoin jobs and I really didn't have any good names. I decided to compile a list. Contributions appreciated.
EDIT -- from https://drive.google.com/file/d/0B6xWx7EWH5mmaGFzRjQ1MklOMDA/view thanks /usezcc0nonA
EDIT -- thanks /usebruce_fenton
EDIT thanks /usesnooville
submitted by redpistachios to Bitcoin [link] [comments]

Bitcoin Swaps Near Reality as Tera Creates Legal Framework

http://www.bloomberg.com/news/2014-03-24/bitcoin-swaps-near-reality-as-tera-group-forms-legal-framework.html
As a derivatives-fan, this is exciting (even though we've already had them on bitfinex before :P)
submitted by aidded to BitcoinMarkets [link] [comments]

LakeBTC to Add EUR, GBP Trading – CEO Thomas Xie Interview by AllcoinsNews

allcoinsnews: My first question is about the history of LakeBTC. Who are the founders? You are in the Coinbase Big 4 index. What sort of volume do you do now in bitcoin (BTC)? How did you grow from the start? Have you raised venture capital?

Thomas Xie: LakeBTC was started in March 2013 as an exchange initially for a small group of traders and other financial professionals from investment banking and commercial banking sectors. These early users and investors helped shaped LakeBTC with their years of experience trading bonds, currencies, commodities, and all types of derivatives and structured products in financial markets.They know capital markets inside out, and they trade Bitcoins as a hobby, just like playing Texas hold’em. Later that year, we decided to incorporate and run the exchange under the current domain name. Naturally, our investors and many of the people we recruit have extensive financial experience, and this is one of the important differences than other players in the field. We are one of the big four bitcoin exchanges that determine CoinDesk BPI and a Gateway member of IRBA. We are also included in TeraExchange’s bitcoin index, which is the base of their US CFTC approved bitcoin swap, and our data is included in a number of leading bitcoin websites.
We are dedicated to building a fair Bitcoin platform with top security, excellent liquidity, and extraordinary customer service. As crypto currencies gained more and more exposures to the general public, LakeBTC is becoming a leading Bitcoin platform around the globe. Our years of risk management and internal control experience in financial industries build the most solid foundation for ensuring customers’ fund and privacy being safe and secure.
Additionally, creating a fair and efficient marketplace is also important to protect investors’ interests. We do everything in our power to minimize market manipulations and unfairness. Market surveillance programs, carefully designed products, comprehensive risk management, and strict internal controls are all meant to ensure this young and energetic market be fair and safe to every participant. At LakeBTC, users are best protected from financial predators, bitcoin theft, online fraud, market manipulators, trader errors, bot bugs, and flash crashes. We provide the same level of service to all users at all times. All users are treated with the same policy published on our website.
Trading volume really depends on the market conditions. It varies from a couple of thousand to over 10 thousand.
We have initial investors, but we have not raised any external funds yet. Some potential investors got in touch with us, and it’s ongoing.

allcoinsnews: You exchange offers USD / BTC trading now. I know that you will offer EUR / BTC trading very soon. When will this happen? What other services or currencies will you support in the near future?

Thomas Xie: To better serve our customers’ needs, we are constantly looking for banking and payment processing partners around the world. We added Ripple network and EgoPay, and we became a Gateway Member of International Ripple Business Association.
To better serve our European customers, we are finalizing partnership details with our payment processing partner in Europe, and plan to launch the service later this year. EUR and GBP will be included in the first phase, and multiple payment methods including SEPA will be added. It’d be much easier for Europeans to make deposits and withdrawals to/from LakeBTC at a much lower cost. With LakeBTC’s outstanding security, great liquidity, and superb customer service, we expect to see a sizable BTC/EUR trading activities.
We are also working with partners in North America, Africa, Southeast Asia, and South America to introduce more local payment methods and streamline the deposit/withdrawal processes.

allcoinsnews: How has the volatility of BTC affected your business planning?

Thomas Xie: Volatility definitely has an effect on market sentiment. Bitcoin is just a few years old, and this volatility is not surprising. As a matter of fact, when you look at the historical prices, what we see today is much smaller. On the bright side though, the volatility and the speculation help bitcoin stay on headline news and get more coverage from the media.
To any exchange, an effective market surveillance program is a critical component that ensures the fairness and smoothness of the marketplace. Unusual activities, abnormal positions, sudden price changes, and suspicious trades should raise alarms to exchange operators and if necessary, preventative actions should be taken quickly to mitigate the risk of price manipulations and human errors.
LakeBTC have a real time market surveillance program to monitor unusual trading activities and suspicious positions. By comparing with bitcoin index prices from other sources, we try to reduce the risk of market manipulations by individual attackers. This is especially important for a volatile market such as bitcoin. We shifted an enormous amount of effort into this, including market surveillance, limited orderbook, dark pool, product design, staff training and so on.
Other than that, we do plan to launch bitcoin derivatives such as futures to help miners, exchangers, merchants, and institutional investors to better manage their risks and exposures.

allcoinsnews: Your exchange is in English, Swedish, and Chinese. What is your analysis of what countries your users are from?

Thomas Xie: We have users from all around the world, with a better concentration from Americas, Europe and southeast Asia.
As mentioned earlier, we are adding banking and payment processors all around the world. Besides, we are currently working on adding more languages as well to bring better experiences to non English speaking users.
We offer a comprehensive and secure REST and Websocket API, with sample codes in PHP, Ruby, Python, and a few other programming languages. Professional algorithm traders would find it extremely easy to integrate their trading bots to LakeBTC. Our website design is responsive, and works equally well on mobile devices so casual users may buy and sell bitcoins on their cell phones smoothly.
We just made a major change to our fee structures, with maker-taker introduced and a big promotion is going on right now. Users may enjoy a 0.05% or even free trading at LakeBTC. All of these strategies will further grow our user base globally.

allcoinsnews: There have been some significant exchanges that have collapsed with hacking being an important factor (e.g. Mt Gox, Bitcoin Trader recently). How are you protecting your customers funds from this type of risk? In terms of wallets, what do you think is best solution for your customers?

Thomas Xie: The founder of Mt.Gox came from a technical background, but running a financial firm requires many years of risk management and internal control experience. That’s not something you can acquire overnight.
The safety of the wallet is indeed a huge challenge. Average users may choose and trust a professional bitcoin company such as LakeBTC, especially if it’s a lot of money. They should pick one who’s secure, legitimate, compliant, and well managed. Professional users who know what they are doing can manage their own wallets.
Security, liquidity and service are three strengths we have and security is number one. SSL encryption, cold storage, Google Authenticator, SMS confirmations, etc. are several technical measures we currently employ. But people have to realize that a Bitcoin exchange is not only a technology company, but more importantly, also a financial one.
If Facebook went under, it’s bad but people can live with it. Same thing for Amazon, Youtube, Uber and so on. But if your bank failed and all your savings vaporized? That’s horrifying.. A financial firm faces many security challenges that are unheard of typical technology companies. The technological security mechanisms mentioned above are certainly important, but what really matters to financial institutions are risk management and internal controls. Our team with years of experience in financial industries is working hard to ensure customers’ fund and privacy being safe and secure. For example, all withdrawals need to pass an automatic system checks for book balances, login history, trading patterns and so on, then passed to a two level manual approval process. If everything is good, the fund is transferred to the customer. We do everything in our power to minimize the risks of human errors, system bugs, and hacking activities. Incidents such as transaction malleability would not happen at LakeBTC.

allcoinsnews: Many governments have concerns (e.g. China, USA, etc..) about crypto currencies. How will the Chinese cryptocurrency develop going forward?

Thomas Xie: First of all, we are a BVI company, with customer service and technical support in Shanghai. LakeBTC is a bitcoin exchange for the world. We pay attention to the government policies around the world and do our best to stay compliant. We believe this is to the best interest of all our users.
Chinese government clearly stated that bitcoin is not a currency and would not regulate it as a currency. Secondly, the policy is in fact quite easy on bitcoin participants. The latest official policy declared that people have the right to own, buy, and sell bitcoin. The major goal of the existing policies is to manage risk and stop market manipulation. Margin and shorting trading, futures, and many other high-leverage products (20 times or even higher) and price manipulation caused flash crashes early this year and that’s the target of the so-called ban. If the situation does not improve, we are not surprised to see the policy tightens further and the entire bitcoin ecosystem is jeopardized.
US is more complicated. Both federal and state regulators are involved. The most recent NY DFS proposal is not considered a positive sign. We are living in the new millennium now and they government agencies need to adapt to the digital age too. It’s impractical and cumbersome for every state plus Fed to come up with a regulation each separately. Bitcoin is an internet thing and there’s no state borderline on the internet after all.
http://allcoinsnews.com/2014/10/27/big-4-exchange-lakebtc-plans-eur-gbp-trading-ceo-thomas-xie-interview/
submitted by LakeBTC to Bitcoin [link] [comments]

Bitcoin swaps soon a reality!

Wire: Bloomberg News (BN) Date: Mar 24 2014 16:00:00 Bitcoin Swaps Near Reality as Tera Group Forms Legal Framework
By Matthew Leising and Silla Brush
March 24 (Bloomberg) -- Tera Group Inc. created a legal framework for Bitcoin swaps, which would let investors trade payments based on how the virtual currency performs against a real one.
The terms for a multimillion dollar swap between two U.S. institutions is planned to hedge Bitcoin volatility over a 25- day period, the Summit, New Jersey-based company said in a statement today. Swaps based on Bitcoin are unregulated and the firm is seeking the blessing of the U.S. Commodity Futures Trading Commission so it can offer the trades on its regulated swap-execution facility, the company said.
“We as a company are trying to bring some structure and some protocol to help the Bitcoin community,” Leonard Nuara, the president of Tera, said during a phone interview today. “It provides a tool for a natural hedge to get relief from the price changes in Bitcoin.”
The regulation of Bitcoin, let alone derivatives linked to it, is an unresolved question in many parts of the world. Even as regulators and investors struggle to grasp Bitcoin’s many uses -- including investment vehicle, payment-processing system and money-laundering tool -- they are now confronted with the additional complexities of an emerging derivatives market.
The International Swaps & Derivatives Association created the master legal document for swap transactions in the 1980s, and it’s still in use today for customized trades that can’t be backed by clearinghouses. Tera would join others in the quest to create derivatives based on Bitcoin.
George Samman, a former Wall Street investment adviser who in May helped start a platform for betting on Bitcoin’s price swings, saw trading on his BTC.sx website grow to more than $35 million by Jan. 21. After the shutdown at Mt. Gox, a Tokyo-based exchange for buying and selling Bitcoins, BTC.sx suspended trading because it had to find another exchange partner for its customers.
At the CFTC, the top U.S. derivatives regulator, lawyers are considering if and how to oversee derivatives linked to Bitcoin and other digital currencies, two people briefed on its work said in February. The agency has been preparing an internal memo that examines the CFTC’s authority over digital currencies and how it might exercise those powers to regulate the markets, the people said.
Tera has provided information about its Bitcoin agreement to the CFTC and is in discussions with the regulatory agency, Nuara said in the phone interview. Tera hasn’t asked the CFTC to decide on approval by a certain date, he said.
“The infrastructure and regulatory protocols already exist in the conventional OTC swaps markets to support these hedging instruments,” Nuara said in a statement today. “Regulatory approval is crucial to the long-term growth of the market utilizing Bitcoin.”
submitted by newtocrypto to Bitcoin [link] [comments]

How To Protect Your Crypto From A SIM Swap Hack! - Crypto Security & Tips - Crypto 101 HUGE NEWS TO PUMP BITCOIN! - WATCH OUT: THIS IS A TRAP! - EPIC ALTCOIN PUMPS WILL HAPPEN HERE! NEW MONEY FLOWING IN BTC! - BITCOIN: GLOBAL FINANCIAL RESET! - VISA GIVING BTC REWARDS! MASSIVE Ethereum 2.0 RALLY! Bitcoin on Ethereum! Crypto.com MCO CRO Swap! Dai Staking, Ripple XRP! Off Chain Ep. 6 - On-Chain Atomic Swaps with Charlie Lee, Dave Collins and Jake Yocom-Piatt

of Terra currencies in a group; we will be referring to Terra loosely as a single currency for the remainder of this paper. As Terra’s ecosystem adds more currencies, its atomic swap functionality can be an instant solution to cross border transactions and international trade settlements. 2.2 Measuring stability with miner oracles Tera Group had provided protocols and framework for two US institutions seeking to hedge Bitcoin’s exchange rate for 25 days, it said on Monday. ... “The use of a Bitcoin swap is an inflection ... A self-proclaimed "global pioneer" in the derivatives marketplace, Tera Group, Inc., today announced a legal framework for bitcoin swaps -- effectively South African based cryptocurrency exchange, and payments application, Terrabit, will undergo a hard fork at the start of August to reduce coin supply and introduce new features. At the heart of this new update are a hard fork and a coin swap. The Credit 2.0 Swap The coin swap that follows the major update is […] While a notable milestone, the CFTC said Tera promoted the transaction to create an impression of actual trading interest in the Bitcoin swap, while in fact, it was merely a non-competitive sale executed for testing Tera’s systems. Ultimately, the charges were settled without paying a fine though.

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How To Protect Your Crypto From A SIM Swap Hack! - Crypto Security & Tips - Crypto 101

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